sales_and_leases

AWH Partners, Starr Cos. Buys Los Angeles Marriott Burbank Airport

by Nellie Day January 14, 2015

LOS ANGELES — A joint venture between AWH Partners and Starr Companies has acquired the 488-room Los Angeles Marriott Burbank Airport for reported purchase price north of $100 million. The full-service hotel is located at 2500 North Hollywood Way, adjacent to Bob Hope Airport and Amtrak-Burbank Airport train terminal, in the Los Angeles submarket of Burbank. The Marriott-branded hotel recently underwent a $10-million renovation. It includes two towers, along with an adjacent conference center that features nearly 46,000 square feet of indoor/outdoor function space. Amenities include a fully equipped fitness center, business center, two heated outdoor pools, spa, a concierge lounge, and a restaurant with dine-in and in-room dining options. The seller, Westbrook Partners, was represented by HFF’s Scott Hall.

January 14, 2015

California Multifamily Western

Decron Properties Buys Highland Gardens Apartments in Silicon Valley for $86M

by Nellie Day January 14, 2015

MOUNTAIN VIEW, CALIF. — Decron Properties Corp. has purchased the 187-unit Highland Gardens apartment community in the Silicon Valley submarket of Mountain View for $86 million. The community is located at 222 and 234 Escuela. Highland Gardens was built in 1964 and recently underwent a renovation. Common-area amenities include a resort-style swimming pool, fitness center, recreation areas and covered parking. Decron plans to further upgrade the community. They will include a relocation and expansion of the fitness center, the creation of a Wi-Fi lounge, a new Jacuzzi/spa and enhanced landscaping with outdoor fire pits. This acquisition is Decron’s first in the Bay Area. The firm has an additional $63-million worth of assets under contract that are set to close by the end of the month. Decron is the development arm of the Nagel Family Trust, which owns and manages more than 5,000 multifamily units, primarily in Southern California. The firm plans to invest up to $350 million in the San Francisco Bay Area and Silicon Valley submarkets this year, according to David Nagel, Decron’s president and CEO. The seller was a joint venture between Maximus Real Estate Partners and Rockpoint Group LLC. The transaction was executed by Stan Jones, Phil …

January 14, 2015

California Office Western

Jamestown Buys Market Street Office Building in San Francisco

by Nellie Day January 14, 2015

SAN FRANCISCO — Jamestown has acquired a 92,023-square-foot office building in San Francisco for a reported $65.2 million. The historic creative office property is located at 731 Market Street. The building is situated on the south side of Market Street, between Third and Fourth streets, near the convergence of the SOMA, Mid-Market, Union Square and Financial District neighborhoods. The six-story property is fully leased to eight tenants, including Stitch Fix, ConnectSolutions and Liftopia. It also contains 12,067 square feet of ground-floor retail that is occupied by CVS. The building was constructed in 1908, when it was known as the Bancroft Building. It recently received an extensive renovation that included upgrades to the building systems and lobby. The asset was acquired by the Jamestown Premier Property Fund, the firm’s flagship core and core-plus investment vehicle for institutional investors. The fund also owns 799 Market Street, a neighboring creative office and retail asset that is fully occupied by technology tenants, in addition to Ghirardelli Square, Waterfront Plaza and Alameda South Shore Center. The seller, Harvest Properties, was represented by JLL.

January 14, 2015

Arizona Multifamily Western

Pinnacle South Mountain Apartments in Phoenix Sells for $63M

by Nellie Day January 14, 2015

PHOENIX — FPA Multifamily has purchased the 552-unit Pinnacle South Mountain apartment community in Phoenix for $63 million. The community is located at 5151 E. Guadalupe Road. Pinnacle is situated near the 16,000-acre South Mountain Park, which offers hiking and biking trails. It is also near the Ahwatukee Foothills Town Center. The community was developed in two phases in 1995 and 1997. Common-area amenities include four resort-style swimming pools with spas and poolside cabanas, two 24-hour fitness centers, a resident business center with conference room, sport courts, and barbecue and picnic areas. The seller was Essex Property Trust. The transaction was executed by Sean Cunningham, Tyler Anderson, Asher Gunter and Matt Pesch of CBRE’s Phoenix office.

January 14, 2015

Arizona Multifamily Western

The Brittany Apartment Complex in Mesa Sells for $3.1M

by Nellie Day January 13, 2015

MESA, ARIZ. – The Brittany apartment complex, a 92-unit multifamily property in Mesa, has sold to 29SC Brittany LLC for $3.1 million. The complex is located at 708 North Country Club. Brian Smuckler and Jeff Seaman of CBRE’s Phoenix office represented both the buyer and seller, Pristine Estates LLC, in this transaction.

January 13, 2015

California Office Western

Rescare Workforce Leases Space in Garden Grove

by Nellie Day January 13, 2015

GARDEN GROVE, CALIF. – Rescare Workforce Services has leased 19,718 square feet of office space in Garden Grove. The space is located at 7077 Orangewood Ave. Rescare was represented by CBRE. The landlord, Burke Investment Grove LP, was represented by Shaun McCullough and Say Jeon of Lee & Associates.

January 13, 2015

Mixed-Use Texas

Caldwell Cos. Breaks Ground on Mixed-Use Project in Metro Houston

by Haisten Willis January 13, 2015

CYPRESS, TEXAS — Construction has begun on a mixed-use development located in Cypress known as The Boardwalk. The Caldwell Cos. is developing the property, which will sit at the front of the company’s master-planned community of Towne Lake. The development is centered around what will be the largest private lake in the region. When completed, The Boardwalk will feature waterfront dining, 61,000 square feet of retail and 57,500 square feet of office space accessible by both land and water. The development is set to open in the fourth quarter of 2015. In addition to office, shops and restaurants, The Boardwalk consists of five freestanding buildings, a central green area for concerts and events, a breezeway plaza and a boulder play area for kids. The project is located off of Highway 290 and Barker Cypress Road.

January 13, 2015

Loans Massachusetts Multifamily Northeast

HFF Arranges $50.15M Sale, $21.2M Financing for 136-Unit Massachusetts Multifamily Property

by Amy Works January 13, 2015

BROOKLINE, MASS. — HFF has arranged the $50.15 million sale of a 136-unit multifamily property located at 1440 Beacon St. in the Coolidge Corner neighborhood of Brookline. Additionally, the firm arranged $21.2 million in financing for the acquisition. HFF marketed the property for the seller, a joint venture between Westbrook Partners and Nordblom Co. An affiliate of Visconsi Cos. Ltd. purchased the asset, which will be managed by Samuel & Associates. The 15-year, fixed-rate acquisition loan was arranged through New York Life Real Estate Investors. The transit-oriented residential community, which has direct access to MBTA’s Green Line, features a mix of studio and one-bedroom apartments. On-site amenities include a parking garage, patio area with gas grills, and a fitness center. Mark Campbell, Coleman Benedict, Ben Sayles and Jackie Meagher of HFF represented the seller in the deal. Greg LaBine, also of HFF, led the firm’s debt placement team that arranged the financing.

January 13, 2015

Maryland Mixed-Use Southeast

Retail Properties of America Acquires Retail Portion of Downtown Crown in Metro D.C. for $162.8M

by John Nelson January 13, 2015

GAITHERSBURG, MD. — Retail Properties of America Inc. (RPAI) has purchased the retail portion of Downtown Crown, a Class A, mixed-use development in Gaithersburg, a suburb of Washington, D.C. RPAI purchased the 258,000 square feet of retail space from The JBG Cos. and JBGR Retail for $162.8 million. The retail component includes a Harris Teeter-anchored neighborhood center and a lifestyle center housing tenants such as Coastal Flats, Ted’s Montana Grill, Old Town Pour House and Ruth’s Chris Steakhouse. The retail portion of Downtown Crown opened in phases beginning in the fourth quarter of 2013 and is currently 77.5 percent leased.

January 13, 2015

New Jersey Northeast Office

HFF Arranges $10.95M Sale of New Jersey Office Building

by Amy Works January 12, 2015

EAST HANOVER, N.J. — HFF has brokered the sale of Eagle Rock Executive Office IV, an office building located in East Hanover. Griffin Capital Essential Asset REIT Inc. sold the property to Boxer F3 LLC for $10.95 million, free and clear of existing debt. Boxer Property will manage and lease the facility. Situated on 15.25 acres at 120 Eagle Rock Ave., the three-story 177,820-square-foot building is part of the three-building Eagle Rock Executive Park. The building features a granite and reflective glass curtain wall façade, two-story atrium, full-service cafeteria and adjacent pond with fountains. Current tenants include Prudential, GfK US Holdings, CAI, Fishman McIntyre PC, and John Van Deusen & Associates. Jose Cruz, Kevin O’Hearn, Marc Duval and Andrew Scandalios of HFF represented the seller in the transaction.

January 12, 2015

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